D-Wave Quantum (NYSE:QBTS) Shares Up 1.9% - Time to Buy?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price shot up 1.9% during mid-day trading on Thursday . The stock traded as high as $8.81 and last traded at $8.56. 23,331,656 shares were traded during mid-day trading, an increase of 81% from the average session volume of 12,869,937 shares. The stock had previously closed at $8.40.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Needham & Company LLC reiterated a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark increased their price target on D-Wave Quantum from $3.00 to $8.00 and gave the company a "buy" rating in a research report on Friday, December 20th. Roth Mkm boosted their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Craig Hallum raised their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Finally, B. Riley lifted their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a "buy" rating in a research report on Monday, November 25th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $5.63.

D-Wave Quantum Trading Up 14.4 %

The company has a market cap of $2.15 billion, a price-to-earnings ratio of -22.88 and a beta of 1.79. The business has a fifty day moving average price of $3.86 and a two-hundred day moving average price of $2.01.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $6.68, for a total transaction of $6,680,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders sold a total of 10,081,459 shares of company stock worth $45,337,894 in the last quarter. 7.22% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new stake in D-Wave Quantum during the second quarter worth about $251,000. Rhumbline Advisers acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth approximately $93,000. Thoroughbred Financial Services LLC bought a new stake in shares of D-Wave Quantum during the second quarter valued at approximately $45,000. XTX Topco Ltd bought a new position in D-Wave Quantum in the second quarter worth $163,000. Finally, Marshall Wace LLP acquired a new stake in D-Wave Quantum during the second quarter worth $265,000. Institutional investors and hedge funds own 42.47% of the company's stock.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.